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US Dollar Consolidation Tightens

US Dollar Consolidation Tightens

2011-05-25 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usd.png, US Dollar Consolidation Tightens

Prepared by Jamie Saettele, CMT

Flip the chart of the EURUSD and you’ve got the US dollar index. The analysis is the same as well. That is, the recent move (in this case strength) has failed to extend and a break of Monday’s range will determine the trend for the week. In the event of strength, levels of interest are 7700, 7826 and 8030. The 200 day average at 7814 and December low / February high at 7878/87 reinforce the entire 7800 handle as one of significance. A drop below 7582 would shift focus to 7550.

Support/Resistance Index (M,W,D) – 3, 3, 3

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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